A sovereign wealth fund in the US has some doubters. Often these have been set up by countries that have such a surplus of money they don't know what to do with it, so they invest it this way.
An interesting thing about tariffs is that perhaps it draws a fuzzy border between products that no matter what will be cheaper to manufacture in a different country and products that are currently imported but really they could be made locally or almost could be with a few percentage points of manipulation from the government. If you put a 10% tariff on farm equipment, for example, tractors and such, that come from China, and still those products are way cheaper than local ones, you might say, Well, we should just import those because we can't make them or the big companies (John Deere) won't accept such small profits on theirs, or simply won't make a variety of products (you can buy really small excavators from China for like $6k but if you buy US-made you have to buy a large $150k excavator).